What is a pre-listing inspection?
A pre-listing inspection is an inspection that the seller can pay for before putting their home on the market. If a seller chooses to do a pre-listing inspection, they can understand any issues a buyer might find in a home and reduce the likelihood a deal will fall through.
What are the benefits of a pre-listing inspection?
- It allows the seller to make repairs before listing the home.
- A pre-listing inspection allows the seller to be aware of all the issues that are present in the home. The seller can then make the repairs to make it easier to sell. If the owner decides not to make the repairs, they are able the fully disclose any issues the home has to potential buyers with a pre-listing inspection. This, in turn, gives the seller more leverage during negotiations. The seller may also be able to get the buyer to remove the home inspection contingency if they are able to present the buyer with a copy of the pre-listing inspection.
- It helps the seller and their agent more accurately price the home.
- The pre-inspection helps the seller determine what they want to sell the home for. If a seller does not wish to fix any issues that become present during a pre-listing inspection, the seller can factor the repair costs into the asking price. They can make the buyers aware of the issues, but make up for the costs of repairs through a lower asking price. If a seller decides to make the repairs, the seller can start at a higher asking price.
- It saves the seller money.
- Issues discovered through a buyer-issued home inspection can present a range of problems. Generally, buyers overestimate the costs of repairs, and sellers lose more money than they would have paid to make the repairs before listing the home.
- It ensures a smoother, more efficient transaction.
- Since issues are disclosed ahead of time, there will be no surprises for the buyer. The buyer will then be less likely to walk away from the home or ask for a lower price. It also gives the buyer the ability to decide whether or not they want to purchase the home despite the issues.
- It makes the seller more trustworthy, ultimately facilitating a quicker sale.
- Disclosing issues in advance helps the buyers to feel more confident in the decision they are making. They know what they are walking into, and they know there will be no surprises waiting for them around the corner.